Pressure Sensor Market Size Is Projected To Reach USD 24.48 Billion By 2028

 San Francisco, 17 March 2021: The Report Pressure Sensor Market Size, Share & Trends Analysis Report By Product, By Type, By Technology (Piezoresistive, Optical), By Application, By Region, And Segment Forecasts, 2021 - 2028

The global pressure sensor market size is expected to reach USD 24.48 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to register a CAGR of 4.6% from 2021 to 2028. The growth can be attributed to the growing application of pressure sensors in automotive, aviation, and consumer electronic appliances. The advancements in Microelectromechanical Systems (MEMS) technology and its rapid adoption in connected devices are expected to create opportunities for market growth over the forecast period.

Furthermore, increasing consumer preference for compact electronic appliances is creating the need for MEMS pressure sensors. MEMS is the technology that miniaturizes electro-mechanical and mechanical elements that are made using microfabrication techniques. Various companies are focused on providing MEMS pressure sensors for selective industries. For instance, Robert Bosch is providing MEMS pressure sensors for the consumer and automotive industries while Honeywell and NXP are focusing on automotive, medical, industrial, and aviation verticals.

Government bodies across the globe are making it mandatory to implement a tire pressure monitoring system, which is driving the demand for pressure sensors. For instance, in September 2020, the Ministry of Road Transport and Highways in India announced that the tire pressure monitoring system would become mandatory in India in the coming days. India's government is moving on the path of transforming the automotive industry to increase its contribution to GDP.

The COVID-19 pandemic is anticipated to impact market growth favorably in the near future. Heart failure is a major health problem and the leading cause of hospitalization in western countries. CardioMEMS is one of the therapeutic monitoring systems gaining traction in recent days. It is an advanced system that uses an implantable pulmonary artery pressure sensor. It was widely used for remote care for heart failure during the COVID-19 situation.

Access Research Report of Pressure Sensor Market @ https://www.grandviewresearch.com/industry-analysis/pressure-sensors-industry

Pressure Sensor Market Report Highlights

  • In terms of product, the absolute pressure sensor segment is expected to retain its dominance over the forecast period. The growing demand for absolute pressure sensors in applications that demand the provision of low-pressure range for the measurement of the vacuum level in industries is expected to drive the segment growth
  • In terms of type, the wired segment dominated the market in 2020 and is expected to witness growth over the forecast period. The growing demand for wired pressure sensors in the industrial and automotive sectors is driving the segment growth
  • In terms of technology, the piezoresistive segment dominated the market in 2020. The development of Microelectromechanical Systems (MEMS) is anticipated to drive the piezoresistive pressure sensor segment growth over the forecast period
  • In terms of application, the automotive segment dominated the market in 2020. Rapid growth in the usage of pressure sensors in the automotive industry, in equipment such as tire pressure measurement systems, exhaust gas recirculation systems, engine health management systems, and Pressure Monitoring Systems (TPMS), is expected to fuel the automotive segment growth
  • The increasing adoption of pressure sensors in emerging economies such as China and India is expected to create growth opportunities for the market players in the Asia Pacific region over the forecast period

List of Key Players in the Pressure Sensor Market

  • AlphaSense
  • City Technology Ltd.
  • Dynament Ltd.
  • Figaro Engineering Inc.
  • Membrapor AG.
  • Nemoto & Co., Ltd.
  • Robert Bosch LLC.
  • ABB Ltd.
  • Siemens AG.
  • GfG Europe Ltd

Access Press Release of Pressure Sensor Market @ https://www.grandviewresearch.com/press-release/global-pressure-sensors-market

 

Comments

Post a Comment

Popular posts from this blog

Europe Reusable Water Bottle Market Size Is Anticipated To Reach USD 2.36 Billion By 2028

 Get To Know : https://tinyurl.com/ya8dw47e Rising awareness regarding plastic pollution levels across the region is influencing consumers to disregard bottled water, thereby driving the market for the reusable water bottle. In addition, the adoption of a healthier lifestyle among consumers to keep themselves hydrated is expected to boost the sales of the product in the forecast period.
Read more

Asia Pacific PoC Diagnostics Market Growth Opportunities, Industry Analysis And Forecast: Grand View Research Inc.

Image
San Francisco, 18 March 2020 :  The Report   Asia Pacific PoC Diagnostics Market  Analysis And Segment Forecasts To 2020 The Asia Pacific point of care (PoC) diagnostics market is expected to reach USD 5,427.1 million by 2020, according to a new study by Grand View Research, Inc. Growing base of geriatric population and the ability to render immediate results and improve patient care coupled with rising market penetration of PACS (picture archiving and communication systems) and EMR (electronic medical records) are expected to drive demand over the next six years. Skilled staff shortages, especially pertaining to the field of diagnostics are also expected to accelerate the market penetration rates of PoC products, by expediting lab automation processes. Rising demand for home healthcare and other healthcare establishments catering to the elderly population and initiatives undertaken by governments to shorten hospital stays by establishing out-patient care models are also expect
Read more